CMS Says Drug Prices Fell 3.1% as Medicare GLP-1 Costs Drop to $50
Updated
Updated · CBS New York · Aug 23
CMS Says Drug Prices Fell 3.1% as Medicare GLP-1 Costs Drop to $50
1 articles · Updated · CBS New York · Aug 23
Summary
A 3.1% year-over-year drop in July drug prices marked the fastest decline in 63 years, CMS Administrator Mehmet Oz said, while eligible Medicare beneficiaries can now get GLP-1 drugs for $50 a month instead of more than $1,000.
Oz attributed the decline to the administration’s “most favored nation” pricing push and agreements with 17 drugmakers representing 85% of the sector, saying companies must match prices charged overseas.
Medicare access is still partial rather than universal: Oz said beneficiaries have full access to some drugs, including GLP-1s, while other categories are being rolled out selectively and future launches from major companies will use the new pricing.
CMS also said it is using other levers to curb healthcare costs, including Medicare drug-price negotiations, anti-fraud efforts that Oz said blocked $42 billion last year, and health-tech initiatives aimed at reducing system spending.